My Forex Prediction using Advanced GET - page 12
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Update No.1 Tracking GBPJPY and AUDUSD
Price movements for these two currency pairs are rather slow this morning.
GBPJPY: Looking at the Open to Low for this currrency pair for the month of July, on the days when prices move down, it ranges from 240 pips to 600 pips. These are RUNAWAY down days. That is why I like to encourage readers to Let the Market Run its course to capture the most pips profit but make sure you have sufficient balance deposit to withstand any onslaughts.
AUDUSD: This is NOT a volatile currency pair Therefore the range for its Open to HIGH (since we are Long on it) is around 100 to 160 pips.
For each currency pair we trade, we need to know HOW FAR CAN IT GO if it is our day.
Regards
Kenneth
Update No.2 Tracking GBPJPY
Just to keep you guys informed I have just closed my position for GBPJPY for a gain of 105 pips.
This was the order that I placed on July 23, 2009 and turned it into a Position Trader.
Profit for the week is now about 250 pips.
Good Trading
Kenneth
Update No.3 Tracking AUDUSD
I have just placed a BUY order at 0.8180 when the pips to open was down by 92 pips. It is now showing a gain of 10 pips.
Based on EW chart, I believe the Aussie Dollar will still go up.
Regards
Kenneth
Update No.4 Tracking AUDUSD
I have closed my position, making a small gain of 20 pips.
I do not like the latest developments in the commodities market. Commodities prices (incl. oil) have retreated and likely to do so over the next few days - which means both the Aussie and Canadian Dollars are likely to weaken too.
Get out when prices are not in line with economic reality.
Kenneth
Update No.5 Tracking AUDUSD, USDCAD and GBPJPY
1. Both the Aussie Dollar and the Canadian Dollar are reacting to the fall in their commodity prices. So, for the moment, do not enter any trades until prices have settled.
2. For GBPJPY, it is trying to find direction. Don't do any short selling yet NOR do any buying. If it goes up, wait for the counter-trend to exhaust itself, then you can SHORT. But because more than half a day is gone, you must be prepared to be a Position Holder.
If I have not gone to sleep yet, I shall try to update you guys when there is an opportunity to act.
Regards
Kenneth
Morning, Guys:
The excitement over the last 3 days has died down.
Today, attached are 2 EW charts from Aget for GBPJPY and AUDUSD.
AUDUSD This currency pair is NO LONGER to be considered a Buy candidate.
The dynamics of the market have changed. When the time comes, we should be shorting this currency pair.
The fundamentals have changed the playgame. As long as commodity prices keep falling, the Aussie Dollar will weaken against the US Dollar.
Technicals: The length of Wave 5 is the same as that for Wave 1 - a Fibonacci ratio of 1 whilst Wave 3 has been an extension. Meaning Wave 5 is more or less over. I shall wait for further confirmation signs before shorting it.
GBPJPY: This currency pair is still a good SHORT. But today I shall be using a Delay tactic to Sell on Rally. Just wait and wait for a rally, then short it.
Fundamentals and Technicals remain the same.
I do not use support and resistance levels as a guide. I look at the tick movements of a 5 min chart to tell me and the candlestick formations. Shall let u know once I have placed/executed a sell order on the spot.
General As you will realize now, CHARTS ALONE DO NOT DICTATE PRICS as they are historical. It is the latest economic developments that are happening now that changes the supply and demand situation. That was what we saw in the Aussie and Canadian Dollars. Once the news broke out that commodity prices were retreating, zoom - these two currency pairs reversed gear. Personally, I don't fancy commodity currencies as they are subject to governmental policies, weather conditions and inventory levels, natural disasters, bla, bla, bla.
Do trade cautiously otherwise you get burned - be slow to get in but ever ready to get out when uncertainty sets in.
Regards
Kenneth
Update No.1 Tracking GBPJPY
I have just SHORT this currency pair at 155.61; Today very likely I shall be doing an intra-day trading.
Looking at the 5 min chart, I believe the earlier rally this morning could have exhausted itself. Of course, there is no guarantee that it will not rally again later.
Shall update you guys from time to time.
Kenneth
Update No.2 Tracking GBPJPY
I have just SHORT a second order at 156.52 based on mid-term EW chart. Worst scenario - play a Position holding game.
I have more than enough funds to sustain onslaughts of 270-300 pips down, but over the longer run the MAJOR DOWNTREND will prevail.
Regards
Kenneth
Update No.3 Tracking GBPJPY
At Pips to Open 200 pips up, at such a high of 157.59 it is a good price to SELL ON RALLY.
I entered my third order SHORTING the Pound, as I maintain the view that UK's economy CANNOT be that fantastic in its recovery than the Japanese, based on fundamentals and EW chart.
My action is not in any way an invitation to you to take such risks.
It will have to be a Position play ie holding it for days until the downward Primary resumes.
Regards
Kenneth